Jun 24, 2020, 14:33 EST
New York, United States, Jun 24, 2020, 14:33 /Comserve / -- The residential segment by end-user is believed to witness a robust growth by the end of 2024 owing to growing population coupled with increasing construction of new houses.
The global electrical switch market is segmented into type such as traditional electrical switch and smart electrical switch. Among these segments, smart electrical switch segment is expected to witness a significant growth during the forecast period i.e. 2017-2024. Additionally, smart electrical switch segment is riding on the back of swelled disposable income coupled with changing lifestyle of the consumers. Further, growing adoption of advance electrical switches to save the energy is also envisioned to flourish the growth of electrical switches market across the globe.
Global electrical switch market is anticipated to mask a notable CAGR over the forecast period. Moreover, the global electrical switch market is projected to expand at striking revenue during the forecast period i.e. 2017-2024. The market of electrical switch is expanding on the back of rising demand for safe as well as for technological advance electrical switch system.
The residential segment by end-user is believed to witness a robust growth by the end of 2024 owing to growing population coupled with increasing construction of new houses. Further, adoption of smart electrical switches by residential segment owing to upgradation in lifestyle of the population is also believed to flourish the growth of electrical switch market. In terms of regional platform, Asia-Pacific region is estimated to be the biggest market in the overall market of electrical switch. Moreover, easy availability of these electrical switches in India and china has increased their adoption which is likely to foster the growth of electric switch market in Asia-Pacific region.
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Rapid growth in real-estate industry
Increasing infrastructure activities across the globe coupled with increasing preference for good quality electrical switches is predicted to supplement the demand for smart electrical switches. Furthermore, increasing construction activities in Asia-Pacific countries such as China and India due to positive GDP figures is also fuelling the demand for electrical switch. These factors are believed to intensify the growth of electrical switch market over the forecast period.
Technological advancement in electrical switches
Introduction of technologically advanced switches integrated with numerous features is fostering the growth of electrical switch market. Moreover, the modernized infrastructure, increasing safety and security concern and increasing penetration of e-commerce are expected to propel the growth of electrical switches market in near future.
On the contrary, fluctuation of raw material prices and availability of counterfeit products are anticipated to hamper the growth of electrical switches market by 2024.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global electrical switches market which includes company profiling of Legrand, Siemens, ABB, Panasonic, Havells, Alps, Salzer Electronics, longsheng, GE and Schneider. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global electrical switches market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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